California's Uneven Property Tax

"..Walt Disney Co. pays as little as 2 and 3 cents per square foot for some of theparcels that make up the original Disneyland, with the average being about a nickel. Under Proposition 13 rules, Disney's taxes on that land are based on the assessed value from the late 1970s, when Proposition 13 kicked in... In its report, the Senate Office of Research focused on "loopholes" that allow business ownership to change without triggering a reassessment. A change of ownership on a home is easy to determine, but it can be murkier for businesses. Does a publicly traded company change hands, for example, when a majority of its stock turns over? And if stock turnover equals ownership change, how can assessors keep track of it?"

Thanks to Chris Steins